Dow Jones Futures: Netflix, Amazon, CSX, Lam Research Rise; Stock Market Correction Naerly Over?

Dow Jones futures fell slightly late Tuesday, S&P 500 futures edged higher, while Nasdaq futures jumped. Netflix (NFLX) soared late on strong subscriber growth. Fellow FANG stocks (AMZN), Facebook (FB) and Google parent Alphabet (GOOGL) also climbed late. Strong results from Lam Research (LRCX), CSX (CSX) and United Airlines (UAL), as well as good news for Roku (ROKU), also supported Nasdaq futures.


Stock Market Awaits Follow-Through Day

In Tuesday’s stock market trading, the Dow Jones vaulted 2.2%, the S&P 500 2.15% and the Nasdaq composite 2.9%, with many top stocks reclaiming key support levels. The still-new stock market correction isn’t over, but the nascent rally is promising. Another strong gain in higher volume on one more of the major market averages would signal a follow-through day to confirm a new market uptrend. That could happen as soon as Wednesday.

Keep in mind that confirmed rallies don’t always work, but uptrends without confirmation almost never do.

Dow Jones Futures Today

Dow Jones futures fell about 0.1% vs. fair value. S&P 500 futures rose nearly 0.2%. Nasdaq 100 futures popped 0.7%. Remember that action in Dow futures, Netflix stock and elsewhere doesn’t necessarily translate into actual trading in the next regular session.

Netflix Subscriber Growth Fuels FANG Stocks

Netflix subscriber growth blew out forecasts, with a net gain of 6.96 million streaming customers vs. views for about 5 million. Q4 subscriber guidance was also hot.

Netflix stock skyrocketed 10.9% to 384.11, suggesting a gap-up far above the 50-day line. Shares may test a mini-resistance area around 387, but the conventional buy point is at 423.30.

Meanwhile, Amazon stock climbed 1.5% to 1,848. If it moves back toward its early-September peak, the e-commerce giant will have a 2050.60 buy point. Facebook stock and Google stock were each up about 1%.

CSX Earnings Double

CSX earnings growth accelerated for a fourth straight quarter, to 106%, on solid revenue growth and declining expenses. CSX stock rose 0.6% late, signaling a possible retest of the 50-day line, with a buy point not much further out.

Lam Research Kicks Off Chip Earnings

The chip equipment giant is the first notable semiconductor earnings report. Lam Research earnings and guidance topped views. Lam stock popped 7%. Several chip stocks rallied modestly late, though Micron Technology (MU) fell as Lam cited memory weakness.

Roku Stock Rises

The streaming media firm said it will resume device sales in Mexico. Sales had been halted for more than a year in the country due to a court battle over hackers pirating content via Roku devices.

Roku stock rose 4.15% late after closing up 3.2% Tuesday to just below its 50-day line. Roku also may be rallying in sympathy with Netflix.

United Airlines Takes Off

United Airlines followed Delta Air (DAL) results last week, but shares still powered 5.1% higher on United’s earnings and guidance.


The Big Picture: Did Stocks Make A Bottoming Signal?

Netflix Rockets On New Subscribers, Bullish Guidance

CSX Earnings Growth Accelerates Yet Again To 106%


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Originally posted 2019-09-19 23:22:58.


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